ADFI vs. USL

Last updated Jun 4, 2026

ADFI (Anfield Dynamic Fixed Income ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - ADFI is a Intermediate Core-Plus Bond fund actively managed by Anfield, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. ADFI is actively managed, while USL is passively managed. Over the past 5 years, ADFI returned -0.16%/yr vs 17.41%/yr for USL. At a correlation of -0.08, they often move in opposite directions. ADFI charges 1.75%/yr vs 0.88%/yr for USL.

Performance

ADFI vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anfield Dynamic Fixed Income ETF (ADFI) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADFI achieves a -0.02% return, which is significantly lower than USL's 63.07% return.

ADFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: -0.02%
• 6M: 0.01%
• 1Y: 4.05%
• 3Y*: 3.32%
• 5Y*: -0.16%
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADFI vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ADFI Anfield Dynamic Fixed Income ETF	-0.02%	5.61%	0.51%	6.70%	-11.66%	-3.38%	0.04%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	6.18%

Correlation

The correlation between ADFI and USL is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020	-0.08

Over the past year, the inverse relationship between ADFI and USL has strengthened: their correlation has moved from -0.08 to -0.37, meaning they now move in opposite directions more often than their long-term average.

ADFI vs. USL - Sectors Allocation Comparison

Sectors	ADFI	USL
Communication Services	96.3%	-
Technology	3.7%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ADFI vs. USL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ADFI

ADFI Risk / Return Rank: 27
ADFI Sharpe Ratio Rank: 24
ADFI Sortino Ratio Rank: 24
ADFI Omega Ratio Rank: 22
ADFI Calmar Ratio Rank: 33
ADFI Martin Ratio Rank: 32

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ADFI vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anfield Dynamic Fixed Income ETF (ADFI) and United States 12 Month Oil Fund LP (USL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ADFI	USL	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.04	-1.18
Sortino ratio: Return per unit of downside risk	1.29	2.58	-1.29
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.64	3.47	-1.83
Martin ratio: Return relative to average drawdown	4.74	7.02	-2.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADFI vs. USL - Sharpe Ratio Comparison

The current ADFI Sharpe Ratio is 0.85, which is lower than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ADFI and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADFI	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	2.04	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.58	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.01	-0.11

Drawdowns

ADFI vs. USL - Drawdown Comparison

The maximum ADFI drawdown since its inception was -17.62%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for ADFI and USL.

Drawdown Indicators

	ADFI	USL	Difference
Max Drawdown Largest peak-to-trough decline	-17.62%	-89.06%	+71.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-16.76%	+14.28%
Max Drawdown (3Y) Largest decline over 3 years	-5.60%	-23.33%	+17.73%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-33.82%	+17.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.64%	-38.16%	+34.52%
Average Drawdown Average peak-to-trough decline	-7.61%	-61.46%	+53.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	8.27%	-7.41%

Volatility

ADFI vs. USL - Volatility Comparison

The current volatility for Anfield Dynamic Fixed Income ETF (ADFI) is 1.11%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that ADFI experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADFI	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	10.53%	-9.42%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	23.33%	-20.49%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	28.54%	-23.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	30.08%	-23.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	32.35%	-26.47%

ADFI vs. USL - Expense Ratio Comparison

ADFI has a 1.75% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

ADFI vs. USL - Dividend Comparison

ADFI's dividend yield for the trailing twelve months is around 3.24%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
ADFI Anfield Dynamic Fixed Income ETF	3.24%	3.30%	3.17%	2.90%	1.60%	0.80%	0.50%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADFI and USL in my portfolio?

ADFI and USL have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADFI or USL?

USL has higher volatility (10.53%) compared to ADFI (1.11%). In terms of maximum drawdown, ADFI dropped -17.62% vs USL's -89.06%.

Which ETF is better, ADFI or USL?

On 5-year performance, USL leads with 17.41% vs -0.16% for ADFI. On fees, USL is cheaper at 0.88% per year. On volatility, ADFI has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADFI or USL?

Over the 5-year period, USL has performed better with a 17.41% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADFI or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.75% for ADFI.

Which ETF pays a higher dividend yield, ADFI or USL?

ADFI has the higher dividend yield at 3.24%, compared with 0.00% for USL.

What is the main difference between ADFI and USL?

ADFI is categorized as Intermediate Core-Plus Bond, while USL is Oil & Gas. They also come from different issuers: Anfield and Concierge Technologies. Their fees differ too: 1.75% for ADFI and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (2.04 vs 0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.